$100M Underway in El Segundo
Call it a Wallapalooza: Mar Ventures Inc and Continental Development Corp began tilting the first concrete walls for elevon at Campus El Segundo. The $100M, 210k SF creative office campus offers rare for-sale product.
Mar Ventures president Allan Mackenzie offered 14 reasons why folks should buy a building in elevon, starting with you don't need to be a big user to own your space (2k SF units are available). Reason No. 5: the amenity package, which includes more than an acre of open space, fire pits and bocce ball courts. "I also hear rumors we're going to allow dogs here."
The project consists of 15 two-story office buildings ranging from 8k to 27k SF, plus two retail/dining/services buildings. The site also boasts a Hyatt Place Hotel and future training facility for the Lakers. The project marks the second phase at Campus El Segundo; Mar Ventures sold out phase I, called The Edge (developed with AMB Property Corp), in 2008-'09. Allan tells us the new project has more amenities and a more innovative design; Ehrlich Architects and Ware Malcomb are the architects.
Mar Ventures SVP Bill Messori says El Segundo has most of the ingredients that Santa Monica and Playa Vista have. The project, part of the city's bid to transform into a hub for creative/tech firms, will feature operable windows, roll-up doors, and private patios.
Continental Development president Richard Lundquist says the placement of the buildings encourages interaction among the users. "The ownership opportunity is quite rare in a development of this magnitude," he says.
CBRE's Bob Healey (above) and Bill Bloodgood are handling elevon's building sales efforts. Bob points to a burst of activity over the past few weeks with several buildings and condo units in escrow. In addition to the creatives, Bob sees accountants and lawyers looking at these projects.
JLL's Carl Muhlstein (above) and Steve Solomon are the project's build-to-suit brokers. There's only one 2.5-acre build-to-suit opportunity left. The site, which is divisible, is entitled for up to 500k SF.
El Segundo Mayor Suzanne Fuentes tells us that one only needs to look at elevon's look and rooflines to see it's a different type of development for the city, and will attract businesses here who like creative space. In the past five years, tenants relocating from West LA have leased more than 1.2M SF, and the city has $1B in active and planned development.